Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 9.4% - Here's Why

Key Points

• Iovance Biotherapeutics saw a trading increase of 9.4%, with shares reaching a high of $2.12 before closing at $2.16, although trading volume was significantly lower than usual.
• Several analysts have downgraded the stock; Truist Financial shifted its rating from "buy" to "hold," contributing to a consensus "Hold" rating among analysts.
• The company's recent earning report showed a loss of ($0.33) per share, falling short of estimates, with revenue of $59.95 million compared to a forecast of $67.14 million.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares were up 9.4% during trading on Tuesday . The company traded as high as $2.12 and last traded at $2.16. Approximately 1,886,368 shares traded hands during trading, a decline of 86% from the average daily volume of 13,725,319 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

A number of research analysts have commented on IOVA shares. Citizens Jmp cut shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research note on Friday, May 9th. Wells Fargo & Company cut their target price on shares of Iovance Biotherapeutics from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. HC Wainwright cut their target price on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, May 9th. The Goldman Sachs Group cut shares of Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a research note on Tuesday, July 15th. Finally, Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $11.90.

Iovance Biotherapeutics Stock Performance

The firm's 50-day moving average is $2.27 and its two-hundred day moving average is $3.13. The stock has a market cap of $922.73 million, a P/E ratio of -2.07 and a beta of 0.88.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.04). Iovance Biotherapeutics had a negative return on equity of 52.87% and a negative net margin of 161.44%. The company had revenue of $59.95 million during the quarter, compared to the consensus estimate of $67.14 million. As a group, research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp grew its holdings in shares of Iovance Biotherapeutics by 7.4% in the 4th quarter. Northern Trust Corp now owns 2,414,807 shares of the biotechnology company's stock valued at $17,870,000 after buying an additional 166,231 shares during the period. Wells Fargo & Company MN boosted its stake in Iovance Biotherapeutics by 0.8% in the 4th quarter. Wells Fargo & Company MN now owns 580,245 shares of the biotechnology company's stock worth $4,294,000 after purchasing an additional 4,401 shares during the period. California State Teachers Retirement System boosted its stake in Iovance Biotherapeutics by 7.3% in the 4th quarter. California State Teachers Retirement System now owns 203,241 shares of the biotechnology company's stock worth $1,504,000 after purchasing an additional 13,774 shares during the period. CM Management LLC boosted its stake in Iovance Biotherapeutics by 66.7% in the 1st quarter. CM Management LLC now owns 500,000 shares of the biotechnology company's stock worth $1,665,000 after purchasing an additional 200,000 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Iovance Biotherapeutics by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 918,210 shares of the biotechnology company's stock worth $3,058,000 after purchasing an additional 52,376 shares during the period. Institutional investors and hedge funds own 77.03% of the company's stock.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.